Skint_chick turns things around

skint_chick

too much info

Lemon_Tree

hi and welcome to the boards, you've made a good move joining. There'll be lots of more informed people than me arriving soon to help you but i guess they'll be advising you to post your statement of affairs so we can see if there are any simple ways you can cut back straight away.
good luck and once again hi

hypno06

welcome aboard - take time to mooch around the various boards - you will get loads of ideas on how to get through.

taxi73

Welcome...if you could post a statement of affairs then we can see where we can help you cut back.Don't be worrying as we can come up with things to help.

skint_chick

too much info

Smamfer

wow thats a big mortgage.. can tell ive been out of the housing bracket for a while!

Anyway good luck like above and no doubt below comments will be you have made the first move, the motivation you get from these boards is like nothing before.

Get that soa up and lets see how we can run a few things cheaper.... trust me this lot have magic wands!

CLAPTON

the key to your situation is your future income ...
-you are on full pay for 3 months then half pay for 3 months...
-well according to your SOA you can just about scrape by.

so
first question : what will your income be after the six months? because that is what will determine your financail cause of action.

secondly : you need to work on the SOA.. the format is virtually impossible to read
but also how accurate is it?
what do you mean he (OH) pays his car tax from his wage... what else does he pay ??.. it all needs to be included in the SOA... absolutely everything

start keeping spending diaries .. that is write everything down that you both spend

depnding upon your future earnings and on how accurate the SOA is then it doesn't seems too bad.

dancingfairy

Right I have realigned your SOA to make it easier to read. Here goes:


Outgoings Amount
Mortgage £ 1,439.00 although discounted part may go down further with rate cut hopefully to £1148
Rent £ 0.00
Council Tax £ 85.00 can you pay over 12 months -ask your council - will make budgetting easier.
Electricity £ 25.00
Gas £ 0.00
Heating Oil £ 80.00
Water Rates £ 0.00
Telephone £ 0.00
Mobile Phone £ 30.00 2xphone contracts
TV Licence £ 12.00
Satellite TV £ 30.00 virgin 3 for £30 contract so what's that tv, phone and internet?
Internet £ 0.00
Buildings Insurance £ 30.00 for 3 properties why 3 properties??
Contents Insurance £ 0.00 you really need to look at getting this.
Life Insurance £ 47.00 for 2 people is this going to cover you for what you want? is this the best deal?
life and critical illness
Groceries £ 150.00 2 adults not bad - you may be able to get this down with careful shopping and planning - especially if you will be off work for a while - plenty of time to stock up on BOGOFS and do batch cooking and look for bargains and do meal planning etc.
Clothing £ 20.00 2 adults
Petrol £ 90.00 2 cars
Car Tax £ 10.00 just mine he pays his out of remainder of his wages
Car Insurance £ 60.00 this is for 2 cars and I got it through Moneysupermarket
Car MOT £ 0.00 no budget for this?
Car Maintenance £ 0.00 or this?
Car Parking £ 0.00
Other Travel £ 0.00
Childminder/Nursery £ 0.00
Medical/Dental Expenses £ 0.00
Pets Insurance/Vets Bills £ 0.00
Birthdays/Christmas £ 20.00
Holidays £ 40.00 this seems a lot to be spending on holidays - how many holidays do you have? Perhaps you could look at getting a cheap holiday in the uk or forgoe one this year until you have reduced your debts and things are a bit more settled. Maybe just have a few days out locally or something instead?
Gym memberships x2 £ 66.00 trying to lose weight and I do use this regularly
Credit Card £ 25.00
Loan £ 200.00
TOTAL MONTHLY OUTGOINGS £ 2,459.00 NET MONTHLY SURPLUS £ 744.00

O.K it would help if you explain how the bills are divided up as you say your OH pays his tax out of his remaining money? Why are you paying for the majority of things? maybe you need to look at re proportioning this or add his income in as well and do a joint SOA.
I think you need to look at bashing as much of the debt as possible while you can. Can you use the time off work to do some ebaying or sort some stuff for a car boot?
Will you need a second car while off work? this may help you out.
I reckon with a few tweaks you will be o.k in the short term - it really does depend on what your new pay will be in 6 months time though.
df x

skint_chick

too much info

ad9898_3

Unfortunately, you can't just hand your keys for your house back to the bank, they will auction it and chase you for the difference in what you owe and what they sell it for, they will then hit you with punitive interest charges and fees.

The only option to avoid this scenerio is bankruptcy.

savingholmes

dancingfairy wrote: »

Outgoings Amount
Mortgage £ 1,439.00 although discounted part may go down further with rate cut hopefully to £1148
Rent £ 0.00
Council Tax £ 85.00
Electricity £ 25.00
Gas £ 0.00
Heating Oil £ 80.00
Water Rates £ 0.00
Telephone £ 0.00
Mobile Phone £ 30.00 2xphone contracts - can you swap to pay as you go - can you sell the phone? If you want to keep your house and avoid bankruptcy you need to make some hard decisions now while you still have a surplus!
TV Licence £ 12.00
Satellite TV £ 30.00 virgin 3 for £30 contract so what's that tv, phone and internet? Can you reduce this - ring them up and try?
Internet £ 0.00
Buildings Insurance £ 30.00 for 3 properties
Contents Insurance £ 0.00 I would have some.
Life Insurance £ 47.00 for 2 people
life and critical illness
Groceries £ 150.00 2 adults
Clothing £ 20.00 2 adults - You could stop this for a bit - ask for clothes money for xmas?
Petrol £ 90.00 2 cars
Car Tax £ 10.00 just mine he pays his out of remainder of his wages - what remains? If you are possibly going to lose 1 or more houses you need to pool resources where you can!
Car Insurance £ 60.00 this is for 2 cars and I got it through Moneysupermarket - Can you sell your car - you don't need one that is only 12 months old - especially if you see your house is at risk?
Car MOT £ 0.00 no budget for this?
Car Maintenance £ 0.00 or this?
Car Parking £ 0.00
Other Travel £ 0.00
Childminder/Nursery £ 0.00
Medical/Dental Expenses £ 0.00 If you are sick surely you will have prescription cost - ask your doctor for 2 or 3 months supply at once - then you should only pay 1 prescription fee
Pets Insurance/Vets Bills £ 0.00
Birthdays/Christmas £ 20.00
Holidays £ 40.00 - chop this out for now - save your house
Gym memberships x2 £ 66.00 trying to lose weight and I do use this regularly - I sympathise but if you are saying you could lose the house or go to the gym I think I'd choose the house - if you do keep this - you need to find another way of raising the money to cover it....
Credit Card £ 25.00
Loan £ 200.00
TOTAL MONTHLY OUTGOINGS £ 2,459.00 NET MONTHLY SURPLUS £ 744.00

O.K it would help if you explain how the bills are divided up as you say your OH pays his tax out of his remaining money? Why are you paying for the majority of things? maybe you need to look at re proportioning this or add his income in as well and do a joint SOA.

Can you use the time off work to do some ebaying or sort some stuff for a car boot?

Will you need a second car while off work? this may help you out.
I reckon with a few tweaks you will be o.k in the short term - it really does depend on what your new pay will be in 6 months time though.
df x

I agree with dancing fairy on the points above. If you do have a £744 surplus - then I would save this for the 3 months while you are on full pay so that you can continue to meet your bills for longer. That could buy you an extra month and a half. I would release the money from the car so that you can then continue to pay your mortgage for longer. I accept you could make a loss on selling your car and you will need to take that into consideration but the previous posters are correct unless you go bankrupt you can't just had back the keys to your houses anyway...

HTH